Our focus, however, centers around five key sectors that have been designated as a priority – Agri-business & Manufacturing, Tourism & Hospitality Services, ICT Services, Energy, and Health & Wellness.
Agribusiness & Manufacturing
Agriculture is an important pillar in Grenada’s economy, presenting many opportunities for development. Known as the ‘Spice Isle’, Grenada has been a major player in the spice industry for decades, producing and exporting nutmeg, mace, clove and cinnamon. Other export crops include cocoa, citrus fruits and soursop, for which Grenada can boast of being the only country able to export fresh soursop to the US.
Grenada’s rich, fertile lands and tropical climate provide the ideal base for organic and good agricultural process (GAP) farming ventures. Investment opportunities also exist in the areas of hydroponics, poultry and small ruminant farming, and fish farming and processing. Adding value to primary agricultural commodities through agro-processing is another priority for this sector, and includes value-added processing to create chocolate products, jams, jellies, soaps, candles, essential oils, supplements, and more.
Manufacturing in Grenada operates on a relatively small scale, with the production of beverages, flour and animal feed, textiles, doors, windows, and paint, among others. While any venture within the manufacturing industry can apply for investment incentives, investment projects linked to one or more of the priority sectors, such as Agribusiness or Energy, are strongly encouraged.
- Organic Farming
- GAP Farming
- Food Products for Wellness Services
- Value-Added Processing
- Fruit Juice Production
- Vanilla Cultivation
- Essential Oil Production
- Poultry and Small Ruminant Farming
- Fish Processing (Corned fish, smoked fish etc) and fish farming
- Value-Added Processing – Chocolates, Jams, Jellies, Marmalades
Tourism & Hospitality
The tourism and hospitality industry remains the fastest growing sector of Grenada’s economy. In 2019, Grenada’s visitor arrivals totalled more than half a million, surpassing 2018’s record-breaking total. Within the last few years, Grenada’s tourism product has been gaining international recognition, receiving kudos and praise as a destination with the best beaches, dive sites and luxury hotels.
The tourism industry benefits from the fact that this tri-island destination of Grenada, Carriacou and Petit Martinique offers something for everyone from luxury tourism to cultural experiences. Here, visitors can go from relaxing in luxurious comfort to discovering the magnificent underwater world, and then swimming in a mountain pool – all on the same trip. As a result, opportunities for further investment and development exist in the accommodation sector – boutique hotels and villas; marine sector – yachting and diving; and for auxiliary services such as restaurants and eco-friendly tours and attractions.
- Boutique Hotels
- Auxiliary tourism support services
- Eco-Tourism Attractions
- Adventure Tours (Zip Line, cable Car, rock climbing)
Grenada is poised for significant growth within the information communication technology (ICT) services sector. Grenada’s English speaking population, favourable time zone and robust communications network have contributed to the growth of business process outsourcing ventures, primarily in the customer service sector. Opportunities exist in other areas such as data processing, accounting and billing, and claim processing. Other areas with growth potential include website, software and mobile application development, graphic design and animation.
- Customer Service Call Centers/ Business Process Outsourcing
- Software development
- Mobile Device Applications
Energy & Sustainability
As Grenada moves towards its sustainable development goal of environmental sustainability and security, the Government of Grenada remains committed to the objectives of the Paris Agreement and attaining a 40% reduction of greenhouse gas emissions by 2030. To accomplish this ambitious goal, Grenada must reduce its dependence on fossil fuels and develop the renewable energy sector.
As a result, the Government of Grenada has taken several steps to liberalize the energy sector, including implementing strong policies and offering attractive incentive packages to encourage investment in renewable or alternative energy harnessing. Possible investment opportunities can be found in alternative energy generation (solar, wind, and hydro) and in manufacturing/production, for example, solar panel and solar water heater assembly plants.
- Alternative Energy Harnessing (Solar, Wind, Hydro, Geothermal)
- Solar Panel and Solar Water Heating Assembly Plants
- Natural Gas/Oil Refinery
Health & Wellness
As more people around the world seek to incorporate wellness activities into their daily lives, the global health and wellness industry continues to flourish. According to the Global Wellness Institute, the largest sectors of this wellness economy are personal care and beauty; physical activity; healthy eating, nutrition, and weight loss; and wellness tourism. A plethora of natural resources and an abundance of fresh air, food, and sunshine put Grenada in a prime position for investment ventures within this global industry.
Grenada can provide respite to travelers weary from the hustle and bustle of their daily lives. Here, they will find rest, relaxation, and rejuvenation, and for those in need of it, rehabilitation and recovery. Opportunities in this sector can be realized through investments in spas and wellness centers, rehabilitation and treatment centers, and assisted living facilities. Additionally, there is the potential for linkages with the Agribusiness sector to use Grenada’s high-quality natural resources to develop premium skincare and beauty products and supplements.
- Day Spas
- Natural Preparations Facilities
- Assisted Living
- Treatment Centers
- Technical & Vocational Training Facilities
- Rehabilitation Centers
- Learning intuitions
- Colleges & Universities
- Rehabilitation Centers
A major concern for any potential investor is whether there will be adequate space to implement and execute investment projects. Land use for development, therefore, can be considered a priority area as it is a necessary part of the investment process for several ventures. There is land available throughout the country, and the IPA team can assist with identifying the areas most suited for specific investment projects.